Dogecoin (DOGE) is facing intense selling pressure after whales offloaded roughly 1 billion coins this week, erasing about $5 billion from its market capitalization.
Data shared by analyst Ali Martinez, shows that major Dogecoin holders have been aggressively unloading positions throughout November, coinciding with the broader crypto market downturn. The sell-off marks one of the steepest declines for the meme coin in years, pushing it to its lowest level since 2020.
Dogecoin’s Struggles Deepen
Dogecoin’s decline caps a tough year for the once-hyped meme currency, which has now plunged nearly 48% year-to-date. The coin hit a yearly high of $0.41 in January, buoyed by optimism around Donald Trump’s return to office and his friendly relations with Elon Musk. However, the apparent rift between the two public figures has since hurt sentiment, contributing to DOGE’s prolonged slide.
November’s heavy whale activity has amplified bearish momentum, with investors increasingly losing faith in the token’s long-promised $1 milestone. Analysts say the recent wave of large-scale liquidations signals waning confidence among top holders, leaving the broader Dogecoin community unsettled.
What’s Next for DOGE?
With sentiment across the meme coin sector deteriorating, Dogecoin now faces the risk of price stagnation. Once the symbol of retail-driven euphoria in 2021, DOGE has become one of 2025’s weakest performers amid shifting institutional interest toward Bitcoin (BTC), Ethereum (ETH), and other large-cap assets.
Analysts note that the broader market rotation away from meme coins has further dampened liquidity and speculative appetite. While a rebound could emerge during a future retail-driven cycle, traders agree that the path to $1 looks increasingly remote.
At the time of writing Dogecoin shows slight rebound trading at $0.16.
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